Newly appointed to presidency of the brokerage unit, black banker may lead CEO pack
Merrill Lynch & Co. has named its CFO, E. Stanley O'Neal, to lead the company's brokerage operations, and industry analysts immediately speculated that the move directly positions O'Neal to become Merrill's next CEO.
Identified by BLACK ENTERPRISE as one of the top 50 blacks in corporate America in our February 2000 issue, O'Neal, 48, has served as one of Merrill's executive vice presidents since 1997 and as CFO since 1998. One of the highest-ranking blacks on Wall Street, he will now oversee 14,200 stockbrokers as president of the U.S. Private Client Group. With more than 700 branches, the group is the nation's largest brokerage operation, according to company spokesperson Richard Silverman. O'Neal could not be reached for comment.
Merrill Lynch is a leading global financial management and advisory company with a presence in 43 countries across six continents. With total client assets of more than $1.5 trillion, the company offers services that include personal financial planning, security underwriting and investment banking.
O'Neal has ascended to an extremely high-profile position. A Harvard Business School M.B.A., he joined Merrill as an investment banker in 1986. He joined the company from General Motors, where he worked his way up from the assembly plant to become a member of the automaker's treasury department.
In his 14 years at Merrill, O'Neal has aided the company in its rise as...